“Liberation Day” has reshaped trade—but not as Donald Trump hoped

Illustration: Simon Bailly

Apr 1st 2026|5 min read

IN the president’S telling, April 2nd 2025 was “one of the most important days…in American history”. Donald Trump accused allies of having “looted” America before he proclaimed a “declaration of economic independence” through sweeping, nonsensical tariffs. The world recoiled and threatened to strike back. Japan’s trade minister promised a “bold and speedy” response. Mark Carney, Canada’s prime minister, vowed retaliation with “maximum impact in the United States”. Emmanuel Macron, France’s president, urged Europe to ready its “trade bazooka”. An all-out trade war loomed.